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Italian Fabio Cannavaro will try to guide the Azzurri to a second consecutive World Cup title in South Africa. ((Claudio Villa/Getty Images))

The winning team at next year's World Cup will get $31 million US in prize money.

FIFA said Thursday the overall prize pool to be divided between the 32 participating nations will be $420 million, a 60 per cent increase from the 332 Swiss francs (then $261.4 million) it paid out at the 2006 World Cup in Germany.

Each team will receive $1 million for preparation costs. The winner will get an additional $30 million, the runner-up $24 million, semifinal losers $20 million, quarterfinal losers $18 million, second-round losers $9 million and first-round losers $8 million.

In 2006, when Swiss francs were used, the advance payment was one million Swiss francs ($787,000). The winner received $19.3 million, the runner-up $17.7 million, semifinal losers $16.9 million, quarter-final losers $9.1 million, second-round losers $6.7 million and first-round losers $5.5 million.

In addition, $40 million was set aside to pay clubs, through national associations, for the participation of their players.

Last time, 15 million Swiss francs ($11.8 million) was put in an insurance fund to compensate clubs if their players got hurt